Assenagon Asset Management S.A. Sells 581,356 Shares of Rambus Inc. (NASDAQ:RMBS)

Assenagon Asset Management S.A. trimmed its stake in shares of Rambus Inc. (NASDAQ:RMBS - Free Report) by 76.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 178,858 shares of the semiconductor company's stock after selling 581,356 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.17% of Rambus worth $9,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in RMBS. Price T Rowe Associates Inc. MD increased its holdings in Rambus by 442.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,449,128 shares of the semiconductor company's stock worth $288,042,000 after purchasing an additional 4,445,146 shares in the last quarter. Invesco Ltd. increased its holdings in Rambus by 72.1% in the fourth quarter. Invesco Ltd. now owns 4,999,748 shares of the semiconductor company's stock worth $264,287,000 after purchasing an additional 2,093,953 shares in the last quarter. Norges Bank bought a new stake in Rambus in the fourth quarter worth approximately $94,368,000. Raymond James Financial Inc. bought a new stake in Rambus in the fourth quarter worth approximately $51,500,000. Finally, Congress Asset Management Co. bought a new stake in Rambus in the fourth quarter worth approximately $45,778,000. 88.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RMBS shares. Rosenblatt Securities reiterated a "buy" rating and issued a $80.00 target price on shares of Rambus in a report on Tuesday, April 29th. Wall Street Zen cut Rambus from a "buy" rating to a "hold" rating in a research note on Monday, May 19th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Rambus has a consensus rating of "Buy" and an average price target of $75.00.

Rambus Stock Performance

Rambus stock traded down $2.56 during mid-day trading on Friday, reaching $58.10. The stock had a trading volume of 892,400 shares, compared to its average volume of 1,267,279. Rambus Inc. has a fifty-two week low of $37.43 and a fifty-two week high of $69.15. The stock's 50-day simple moving average is $52.39 and its 200-day simple moving average is $55.67. The firm has a market capitalization of $6.24 billion, a PE ratio of 35.00 and a beta of 1.20.

Insider Buying and Selling at Rambus

In other Rambus news, Director Steven Laub sold 1,847 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $55.12, for a total value of $101,806.64. Following the completion of the sale, the director now owns 9,057 shares of the company's stock, valued at approximately $499,221.84. This trade represents a 16.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Luc Seraphin sold 10,000 shares of Rambus stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $58.64, for a total value of $586,400.00. Following the transaction, the chief executive officer now directly owns 306,931 shares in the company, valued at approximately $17,998,433.84. The trade was a 3.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,848 shares of company stock valued at $3,182,033. Company insiders own 1.00% of the company's stock.

About Rambus

Rambus Inc provides semiconductor products in the United States, South Korea, Singapore, and internationally. The company offers DDR memory interface chips, including DDR5 and DDR4 memory interface chips to module manufacturers, OEMs, and hyperscalers; silicon IP, such as interface and security IP solutions that move and protect data in advanced data center, government, and automotive applications; and interface IP solutions for high-speed memory and chip-to-chip digital controller IP.